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Why Wikipedia's Cofounder Wants To Replace The Online Encyclopedia With The Blockchain

Why Wikipedia's Cofounder Wants To Replace The Online Encyclopedia With The Blockchain

Why Wikipedia's cofounder wants to replace the online encyclopedia with the blockchain Blockchain technology is breaking into many industries, including publication. Wikipedia cofounder Larry Sanger explains how tech can create transparency, and allow more content on the site. By Leah Brown | December 11, 2017, 7:00 AM PST Many industries have adopted blockchain technology as a core part of their operations. It creates transparency and trust between parties so that trust is no longer needed, which is why industries such as real estate, finance, and advertising are beginning to use it. And now, Wikipedia's cofounder Larry Sanger wants blockchain to replace the free online encyclopedia. TechRepublic's Dan Patterson met with Sanger to discuss why he joined Everipedia, and why the blockchain should replace Wikipedia. Everipedia is the encyclopedia of everything, where topics are unrestricted, unlike on Wikipedia, Sanger said. More technically, it's a blockchain encyclopedia with a decentralized protocol for accessing and sharing knowledge. A blockchain is a list of transactions, or a ledger, that can be used to represent a database. By putting all of Everipedia's content on the blockchain, it creates a transparency between writers and readers. When it's all set up, it will be possible for people to propose adding information to the blockchain, Sanger explained, and people who have tokens (which are earned by adding to the blockchain) come to a consensus about what information gets added to the blockchain. "In terms of editorial standards, just to get on an encyclopedia blockchain will be relatively easy," Sanger said. When the initial protocol is adopted, it should be a very low bar that allows encyclopedia articles to get onto the blockchain, he said. However, the actual Continue reading >>

Bitcoin Wiki

Bitcoin Wiki

This is an independent project. It exists thanks to the active members of the cryptocurrency community. Bitcoin Wiki now has 3,898 articles in English. Bitcoin is a decentralized electronic cryptocurrency created in 2008 by Satoshi Nakamoto . Decentralized here means that Bitcoin has no central servers for transaction processing or storage of funds. Bitcoin emission is limited; no more than 21 million coins will ever be issued. According to calculations, Bitcoin production will end in 2140 . Bitcoin transactions and emissions are regulated by an extensive peer-to-peer network . Bitcoin uses a distributed public universal database , spread through a decentralized peer-to-peer network. The network uses digital signatures and is supported by a proof-of-work protocol to ensure security and legitimacy of funds in use. To guarantee that a third-party cannot spend a user's bitcoins by issuing false transactions in their name, Bitcoin uses public key cryptography . This is a system of digital signatures, in which each person has one or more addresses or wallets, each with an associated pair of public and private keys. A user can sign a transaction with their private key, and the rest of the peers in the network can validate the signature using that users public key. Bitcoin is the most widespread cryptocurrency. Its total market value is over $171 billion. One can exchange, buy or sell Bitcoins on many sites.Despite the fact that using Bitcoin does not formally require user identification, the currency is not completely anonymous . Blockchain - the technology of the future Blockchain is a continuously growing list of records, called blocks , which are linked and secured using cryptography. It acts as a distributed public ledger. Each block typically contains a hash pointer whi Continue reading >>

Proof-of-stake - Wikipedia

Proof-of-stake - Wikipedia

This article may rely excessively on sources too closely associated with the subject, potentially preventing the article from being verifiable and neutral . Please help improve it by replacing them with more appropriate citations to reliable, independent, third-party sources . ( Learn how and when to remove this template message ) Proof-of-stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus . In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake). In contrast, the algorithm of proof-of-work (PoW) based cryptocurrencies (such as bitcoin ) rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining ). Proof-of-stake must have a way of defining the next valid block in any blockchain. Selection by account balance would result in (undesirable) centralization, as the single richest member would have a permanent advantage. Instead, several different methods of selection have been devised. Nxt and BlackCoin use randomization to predict the following generator, by using a formula that looks for the lowest hash value in combination with the size of the stake. [1] [2] [3] Since the stakes are public, each node can predict - with reasonable accuracy - which account will next win the right to forge a block. Peercoin 's proof-of-stake system combines randomization with the concept of "coin age," a number derived from the product of the number of coins times the number of days the coins have been held. Coins that have been unspent for at least 30 days begin competing for the next block. Older and larger sets of coins have a greater probability of sign Continue reading >>

Consensus In Blockchain Systems. Inshort.

Consensus In Blockchain Systems. Inshort.

Scientist and Risk Taker math, informatics and their applications, in particular ML and blockchain aspiring renaissance man and polymath Consensus in Blockchain Systems. InShort. Blockchain technologies top the lists of 2017s hot trends. Many companies already back their products with blockchain technologies. Competitors use different approaches to blockchain technologies, emphasizing different aspects and pitching them as features to their customers. In this post I will provide an overview of the role of one of those particular aspects of blockchain technologies consensus. Blockchains are diverse and can be approached from a variety of perspectives. For the sake of this article, I would like to define a blockchain as a public, decentralized database, that keeps public records in an append-only fashion. Moreover, once added into the database (the blockchain) a record cannot be modified and it is very difficult to falsify entries. This last feature is called persistence. When an entry in the database (the blockchain) needs to be updated, a new record must be appended to the existing information. Finally, each of records can be viewed by any member of the public, allowing for any person to individually verify the authenticity of each transaction recorded for any single entry in the database (the blockchain). This transparency means that blockchains are auditable. CC-BY-3 Theymos from Bitcoin wiki vectorization: The main chain (black) consists of the longest series of blocks from the first (genesis) block (green) to the current block. Orphan blocks (purple) exist outside of the mainchain. But why bother with blockchains over traditional databases anyway? Blockchains become immediately appealing as soon as a database needs to be decentralized. An organization looking to av Continue reading >>

Bitcoin Network - Wikipedia

Bitcoin Network - Wikipedia

For a broader coverage related to this topic, see Bitcoin . The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol . Users send and receive bitcoins , the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain , with consensus achieved by a proof-of-work system called mining. The protocol was designed in 2008 and released in 2009 as open source software by Satoshi Nakamoto , the name or pseudonym of the original developer/developer group. The network requires minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain. [1] [2] An actual bitcoin transaction including the fee from a webbased cryptocurrency exchange to a hardware wallet. The best chain consists of the longest series of transaction records from the genesis block to the current block or record. Orphaned records exist outside of the best chain. A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check . A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates risk of chargeback fraud . [3] Although it is possibl Continue reading >>

Fork (blockchain) - Wikipedia

Fork (blockchain) - Wikipedia

In cryptocurrencies , a fork is defined variously as "what happens when a blockchain diverges into two potential paths forward" [1] a situation that "occurs when two or more blocks have the same block height" [3] Forks are related to the fact that different parties need to use common rules to maintain the history of the blockchain. [1] Forks (in the sense of protocol changes) have been used in order to add new features to a blockchain, to reverse the effects of hacking or catastrophic bugs on a blockchain as was the case with the bitcoin fork on 6 August 2010 [4] or the fork between Ethereum and Ethereum Classic . Notably, blockchain forks have been widely discussed in the context of the bitcoin scalability problem . Due to distributed consensus , transient blockchain forks happen when two miners find a block at nearly the same time. The future path is decided when subsequent blocks are added to one, making it the longest chain. The network abandons the other "orphaned" block. [1] A block containing invalid transactions is similarly abandoned. [1] Intentional forks that modify the rules of a blockchain can be classified as follows: [1] A hard fork is a rule change such that the software enforcing the old rules will see the blocks adhering to the new rules as invalid. To prevent a blockchain split, all nodes running the old software shall upgrade to new rules. [1] Alternatively, all nodes using the new software shall return to the old rules as was the case of bitcoin split on 12 March 2013. [5] Ethereum has hard-forked to "make whole" the investors in The DAO , which had been hacked by exploiting a vulnerability in its code. [6] In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a har Continue reading >>

Bitcoin - Archwiki

Bitcoin - Archwiki

Bitcoin is a decentralized P2P electronic cash system without a central server or trusted parties. Users hold the cryptographic keys to their own money and make transactions directly with each other, with the help of the network to check for double-spending. Bitcoins, usually denoted by BTC (e.g. 0.1 BTC), can also be exchanged for traditional currencies like US dollars. The Bitcoin network runs on peer-to-peer networking, digital signatures and cryptographic proof to make and verify transactions. Nodes broadcast transactions to the network, which records them in a public record of all transactions, called the blockchain. A block is a record of some or all of the most recent Bitcoin transactions that have not yet been recorded in any prior blocks. In order to preserve the integrity of the blockchain, each block in the chain confirms the integrity of the previous one, all the way back to the first one, using hashing. New bitcoins are generated by the network through the process of mining . Mining involves inserting a new block into the current blockchain, this is difficult because it requires generating a valid hash (in this case a large integer). A variation in difficulty is achieved by requiring that this integer is below a certain threshold - the data in the block is perturbed by a nonce value , until the data in the block hashes to produce an integer below the threshold - which takes a lot of processing power. The threshold is set by the number of people currently mining for bitcoins so as to achieve a general speed of about 1 block every 10 minutes. Reason: Contested section, see Talk:Bitcoin#Consensus_changes (Discuss in Talk:Bitcoin# ) The Consensus is a Bitcoin specific term to describe P2P network participants' compatibility, with the Consensus rules describing Continue reading >>

Introduction Tendermint/tendermint Wiki Github

Introduction Tendermint/tendermint Wiki Github

NOTE: this wiki is mostly deprecated and left for archival purposes. Please see the documentation website which is built from the docs directory . Additional information about the specification can also be found in that directory. Tendermint is a high-performance blockchain consensus engine that enables you to run Byzantine fault tolerant applications, written in any programming language, on many machines spread across the globe, with strong security guarantees. Unlike most blockchains, which require you to use an opinionated scripting language or environment, Tendermint makes no assumptions about the application, giving developers the utmost freedom to express their business logic using the tools right for them. This makes it possible to use any programming language, and even to integrate with existing codebases like Bitcoind, go-ethereum, or otherwise. To achieve this flexibility, Tendermint and the application it powers run in separate UNIX processes, and speak to each other via a simple messaging protocol called ABCI . See the application developers guide for more on ABCI. In addition to flexibility for application developers, the main benefits of using Tendermint (as opposed to using Proof-of-Work systems or other BFT consensus engines), are those guaranteed by the Tendermint consensus algorithm : speed: Tendermint blocks can commit to finality in the order of 1 second. Tendermint can handle transaction volume at the rate of 10,000 transactions per second for 250byte transactions. The bottleneck is in the application. security: Tendermint consensus is not just fault tolerant, it's optimally Byzantine fault-tolerant, with accountability. When the blockchain forks, there is a way to determine liability. scalability: Unlike PoW, running parallel blockchains does not Continue reading >>

Consensys - Wikipedia

Consensys - Wikipedia

Consensus Systems, better known as ConsenSys, is a blockchain software technology company founded by Joseph Lubin . Joseph Lubin founded ConsenSys in early 2015 as a software foundry [4] to develop decentralized software services and applications that operate on the Ethereum blockchain . [5] As of December2017 [update] , ConsenSys has more than 470 employees, and consists of 37 spokes. [6] ConsenSys is developing a variety of applications which operate on the global distributed computing platform. [4] The office is located in an old industrial building in Bushwick, Brooklyn and was described by The New York Times as "essentially one large room, with all the messy trademarks of a start-up operation, including white boards on the walls and computer parts lying around." [7] The company's focus is on facilitating the empowerment of people and enabling decentralized governance through the development of software tools that devolve power from the traditional "command and control hierarchies inappropriate for a networked world." [8] As a dedicated venture studio, ConsenSys is actively involved in numerous projects and initiatives. BTC Relay uses the smart contract functionality in Ethereum to allow people to verify Bitcoin transactions from Ethereums Blockchain. [9] Ether.camp which is an Ethereum blockchain explorer. [10] Blockapps Strato which is a partnership with Microsoft Azure to build industry-specific blockchain (database) applications. [10] [11] [12] TransActive Grid is a joint venture with LO3 Energy which proposes to allow peer-to-peer electricity sales [13] Ujo Music. [14] Imogen Heap used the technology to release her single Tiny Human . [14] uPort is an Ethereum blockchain-based identity management system. [15] Deloitte and ConsenSys are announced plans in 2016 Continue reading >>

Blockchain Wiki: The Many Colorful Faces Of Blockchain

Blockchain Wiki: The Many Colorful Faces Of Blockchain

Blockchain Wiki: The Many Colorful Faces of Blockchain Angel Investors, Startups & Blockchain developers... Our blockchain wiki guide aims to cut through the nebular and explain the different families and trees of Blockchains. What are cryptocurrency blockchains, sidechains, and private blockchains? What are the differences between the hundreds of blockchains in existence? Blockchain Wiki: The Many Colorful Faces of Blockchain The proposition of the term Blockchain can be confusing. Sometimes you read the blockchain, sometimes a blockchain, sometimes blockchain technology and here and then simply blockchain. Sure, we could state, that the written word is unclear, that blockchain is a new thing, and that language simply needs its time to catch up. But this would ignore that fact that Blockchain-technology is an emerging, organically growing business, which has created a vivid ecosystem with a lot of Blockchains. This guide attempts to sort things up and provide an overview of the families and trees of blockchains. This is not an introduction to Blockchain. It assumes that readers are, at least roughly, aware of the concept of Blockchain and cryptocurrencies. Here Blockchain is defined as a distributed database which uses the cryptographic mechanism to enforce consensus about its content and the rules that define when and how something becomes part of the database and/or is executed. If you want to learn more about Blockchain as a technological concept, you should start with this article. Our overview on Blockchain-families discriminates Blockchains by applications and by properties. We begin with the most common, successful and tested Blockchain-application: with cryptocurrencies . Cryptocurrencies use the Blockchain to create a decentralized monetary system by building Continue reading >>

Consensus - Bitcoin Wiki

Consensus - Bitcoin Wiki

"Consensus" is an ambiguous and problematic word which can mean several different things, both in Bitcoin and elsewhere. It is often used to hand-wave decision issues as, "well, everyone will basically agree." In Bitcoin, the word "consensus" is unfortunately used in several very different ways. Really, all of these usages should be replaced by distinct, different words, and the word consensus should never be used. The consensus rules are the specific set of rules that all Bitcoin full nodes will unfailingly enforce when considering the validity of a block and its transactions. For example, the Bitcoin consensus rules require that blocks only create a certain number of bitcoins. If a block creates more bitcoins than is allowed, all full nodes will reject this block, even if every other node and miner in the world accepts it. Adding new consensus rules can generally be done as a softfork , while removing any consensus rule requires a hardfork . Rules regarding the behavior of the mere network protocol are not consensus rules, even if a change to the network protocol behavior breaks backward-compatibility. The consensus rules are only concerned with the validity of blocks and transactions. These rules are called consensus rules because Bitcoin requires that all participants in the Bitcoin economy have consensus (with the meaning of the next definition) as to the consensus rules. If the economy disagrees about the consensus rules, then the currency and economy splits into two or more totally-independent pieces. Unlike the other two definitions, this is a very concrete concept. For clarity, these rules should be called hard rules or the rules of Bitcoin instead of consensus rules. "Consensus" can mean something like "no significant objection among the set of people who 'ma Continue reading >>

Bitcoin Scalability Problem

Bitcoin Scalability Problem

For a broader coverage related to this topic, see Bitcoin . The bitcoin scalability problem exists because of the limits of the maximum amount of transactions the bitcoin network can process. It is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. [1] Bitcoin blocks carry the transactions on the bitcoin network since the last block has been created. [2] :ch. 2 In contrast to Visa's peak of 47,000 transactions per second, [3] the bitcoin network's theoretical maximum capacity sits between 3.3 to 7 transactions per second. [4] [5] The one-megabyte limit has created a bottleneck in bitcoin, resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block. [6] Various proposals have come forth on how to scale bitcoin, and a contentious debate has resulted. Business Insider in 2017 characterized this debate as an "ideological battle over bitcoin's future." [7] On 21 July 2017 bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, meaning that the controversial Segregated Witness upgrade activated at block 477,120. [8] A fork (referring to a blockchain) is what occurs when a blockchain splits into two paths moving forward. Forks on the bitcoin network regularly occur as part of the mining process. They happen when two miners find a block at a similar point in time. As a result, the network briefly forks. This fork is subsequently resolved by the software which automatically chooses the longest chain, thereby orphaning the extra blocks added to the shorter chain (that were dropped by the longer chain). A blockchain can also fork when developers change rules in the software used to determine which transactions are valid. [9] As per CoinDesk , a h Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

Distributed Ledger - Wikipedia

Distributed Ledger - Wikipedia

A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. [1] There is no central administrator or centralized data storage . [2] A peer-to-peer network is required as well as consensus algorithms to ensure replication across nodes is undertaken. [2] One form of distributed ledger design is the blockchain system, which can be either public or private. The meaning of the word "blockchain" remains controversial. While some people[ who? ] state it is synonymous with a Distributed Ledger (and most of generalist press tends to use it with this meaning), others[ who? ] argue that technically it would only apply to linear blockchains such as the one Bitcoin or Litecoin use and not to Directed Acyclic Graphs such as the ledgers based on Iota Tangle or Hedera Hasgraph algorithms. Therefore according to the latter definition, not all distributed ledgers have to necessarily employ a chain of blocks to successfully provide secure and valid achievement of distributed consensus: a blockchain is only one type of data structure considered to be a distributed ledger.[ disputed discuss ] [3] Distributed Ledgers are mostly known because of their use as cryptocurrencies, even if technically speaking the cryptocurrency and the underlying ledger are two different things. However, in practice, a distributed ledger needs to have a cryptocurrency (propiertary or used from other ledger) in order to provide incentives to keep the nodes up and running. Other possible uses beside cryptocurrencies include Smart Contracts (First introduced by Ethereum) or file storage. In 2016, numerous banks tested distributed ledgers for intern Continue reading >>

Arthur Brock Against The Consensus On Data Consensus In The Blockchain

Arthur Brock Against The Consensus On Data Consensus In The Blockchain

Arthur Brock Against the Consensus on Data Consensus in the Blockchain "I assert that it is not just Bitcoin's Proof-of-Work wasted computation on crypto-cracking that is the problem. Don't get me wrong, Bitcoin multiples the problem a thousand-fold, but the fundamental problem remains. Bitcoin burns more electricity than the whole country of Ireland to achieve about 5 transactions per second. That is a pitiful and unforgivable waste. But the problem does not end with changing Proof-of-Work to Proof-of-[fill-in-the-blank]. First of all, main contenders [Work] and [Stake] both amplify Pareto Effects ensuring the rich get richer, and the powerful get more powerful. That doesn't really solve any of the problems of our monetary system. In fact, it is hard for me to imagine a decentralized digital currency design that could more accurately recreate all the problems of national currencies than Bitcoin. But that is a conversation for another time. Proof-of-[Value] and [Cooperation] are well-meaning approaches trying to solve some of these problem, but they fail to get the core issue: Consensus. These are all methods which everyone pretends are about creating consensus. Because of course, we must all agree about the data for it to be valid, right? Actually, no. That's it's not right. And really, what they're doing should not be called consensus at all. Unless you think the word "consensus" applies to this story: - Take 7,000 people (the approximate number of current bitcoin "miners"). Have each person fill out a ballot writing in whoever they think should be the next President of the U.S. Then have them each take a clear box with 20 dice in it. The first one to be able to shake their box and get all 20 dice to land as ONES, gets to have their ballot be the only one that counts Continue reading >>

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